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Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
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Name : |
KINGFRESH TRADING |
|
|
|
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Registered Office : |
No.
549 Sto. |
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|
|
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Country : |
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|
|
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Date of Incorporation : |
29.01.2009 |
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|
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Com. Reg. No.: |
00631357 |
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|
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Legal Form : |
Single Proprietorship |
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|
|
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Line of Business : |
Dealer
of fresh fruits |
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|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Philippines |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Philippines - ECONOMIC OVERVIEW
Philippine GDP grew 7.6% in 2010, spurred by consumer demand, a rebound in exports and investments, and election-related spending, before cooling to 3.7% in 2011. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a growing business process outsourcing industry. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration (January 2001 - June 2010). Despite this growth, however, poverty worsened during her presidency. The AQUINO administration is working to reduce the government deficit from 3.9% of GDP, when it took office, to 2% of GDP by 2013. The government has had little difficulty issuing debt, both locally and internationally, to finance the deficits. The AQUINO Administration reduced public debt to below 50% of GDP and obtained several ratings upgrades on sovereign debt so that the Philippines is now close to investment grade. However, the lack of government spending, especially on infrastructure, was one of several factors which slowed GDP growth in the second half of 2011, leading the government to announce a stimulus effort and increased public spending on infrastructure in 2012. AQUINO's first budget emphasized education, health, conditional cash transfers for the poor, and other social spending programs, relying mostly on the private sector to finance important infrastructure projects. Weak tax collection, exacerbated by new tax breaks and incentives, has limited the government's ability to address major challenges. The AQUINO administration has vowed to focus on improving tax collection efficiency, rather than imposing new taxes, as a part of its good governance platform. The economy still faces several long-term challenges, including reliance on energy imports and foreign demand for overseas Filipino workers.
|
Source : CIA |
|
Company Name: |
KINGFRESH TRADING |
|
Supplied Name: |
Kingfresh Trading |
|
Trading
Address: |
No. 549 Sto. |
|
Supplied
Address: |
|
|
Telephone
Number: |
+63 2 241 4919; 311 1118 |
Note:
The complete address of the subject is as above mentioned.
|
Credit Opinion: |
In view of the absence of
information about subject’s financial status, caution should be exercised. |
|
Company Name: |
KINGFRESH TRADING |
|
Registered
Number: |
00631357 |
|
Legal
Form: |
Single Proprietorship |
|
Date
Incorporated: |
|
|
Registered
Capital: |
N/A |
|
Listed
at Stock Exchange: |
No |
|
Staff: |
N/A |
Note:
Information on registered capital and staff number is not available from the subject or other sources.
Company
Background
|
Regulatory Agency |
Date Registered |
Registration No. |
Term |
|
Department of Trade and
Industry |
|
00631357 |
5 years |
|
Name: |
MACARAEG, CRESENCIO FERNANDEZ |
|
% of Shares: |
100% |
Management:
|
Name: |
MACARAEG, CRESENCIO FERNANDEZ |
|
Position: |
Registered Owner / General
Manager |
Activities
|
|
Dealer of fresh fruits. |
Premises
|
|
Located at the above address. |
No financial statements are available. Single proprietorships are not required to file their financial statements with the Philippine Securities and Exchange Commission, which is our main source of information.
Likewise, none was provided by source citing confidentiality.
No
dealings based on credit exposure report with one million and above dealings
under the names “KINGFRESH TRADING / MACARAEG, CRESENCIO FERNANDEZ” as of June
30, 2012.
No negative (court cases, credit cards cancelled and delinquent accounts) found under the names “KINGFRESH TRADING / MACARAEG, CRESENCIO FERNANDEZ” in available database as of November 16, 2012.
Above information are based on subject’s registration records with the Department of Trade and Industry and available databases.
Address verification per interview with Ms. Noemi Alba, Office Staff, and further information was declined.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
UK Pound |
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.